Life and Disability Insurance
Basic term life insurance
Inova employees budgeted to work 36 hours or more per week receive basic life
insurance coverage of one times annual salary rounded down to the nearest thousand,
up to a $500,000 maximum. Employees budgeted to work 16 to 35 hours per week
receive coverage equal 50 percent of annual salary up to a $50,000 maximum.
Supplemental life insurance
Active full-time employees may purchase supplemental life insurance coverage
of up to six times annual salary up to a $1,250,000 maximum (basic and supplemental
life combined). Employees budgeted to work 16 to 35 hours may purchase up to
six times annual salary of additional coverage up to a $300,000 maximum (basic
and supplemental life combined).
Dependent life insurance
Active employees who are budgeted to work at least 16 hours per week are eligible
to purchase life insurance for their spouse and children.
Short-term disability program (STD)
Employees budgeted to work 16 or more hours per week are automatically enrolled
in the STD plan the first of the month after date of hire. STD coverage, offered
at no cost to you, will provide coverage of 66⅔ percent of your base pay.
STD benefits begin on the eighth day of total disability and end when you are
no longer disabled or after 180 days of benefits have been paid, whichever comes
first.
Long-term disability program
For employees budgeted to work 36 hours or more per week, Inova offers at no
cost to you, long-term disability insurance at 60 percent of pay. Coverage becomes
effective the first day of the month following your one-year anniversary with
Inova. If you are approved for disability, the plan begins payment on the 181st
day from onset of injury or illness. You may elect to pay for additional coverage
up to 70 percent of base pay.
